KazMunaiGas participates in third round of tender in Iraq

Kazakhstan, Astana, Sept. 17 / Trend S.Suleymanov /

KazMunaiGas Exploration Production (KMG EP) participated in the third licensing round to develop gas fields in Iraq, KMG EP Chief Executive Officer Kenzhebek Ibrashev told Trend today.

"Our company has entered the prequalification list of companies that have the right to submit price proposals to develop gas fields in the third licensing round in Iraq" he said.

Ibrashev also noted that this does not mean that KMG EP will automatically participate in the development of Iraqi fields.

"We will carry out geological, technical and economic evaluations, and only then take a final decision in terms of our participation," he said.

As previously reported, KMG EP previously participated in a tender to develop the Garraf Field in Iraq, but took second place. This year, the company again expressed an interest in oil and gas projects in Iraq.

KMG EP is among the top three Kazakh oil and gas producers. Its overall production in 2009 was 11.5 mmt (an average of 232,000 bpd) of crude oil, including the company's share in Kazgermunai and CCEL. Its total volume of proved and probable reserves as of late 2009 was 1.7 billion barrels, including shares in associates at about 2.2 billion barrels. The company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on the London Stock Exchange. The company raised over $2 billion in an IPO in September 2006.

KazMunaiGas is Kazakhstan's national operator of hydrocarbon exploration, production, refining and transportation, and represents the state's interests in the oil and gas sector. The company owns a 63-percent stake in KMG EP. KazMunaiGas is owned by the Samruk-Kazyna National Welfare Fund.

Do you have any feedback? Contact our journalist at: [email protected]